This round might end up sacrificing some major treasuries. 11K #BTC Over 4K #ETH 180 #SOL These treasury groups bought quite a lot, and they’ve been the catalyst for this market cycle. Now, it looks like many of them are dumbfounded. The core strategy of treasury companies is built on the 'mNAV (market value to net asset value ratio) premium.' When the market is bullish, companies can issue more shares (because mNAV > 1). During a bull market, they raise funds by issuing shares to buy crypto, driving up the net asset value per share, which attracts more investors and creates a flywheel effect. When mNAV < 1, this game can’t continue. They can’t raise funds anymore, and if the company is carrying debt, in extreme market conditions, they’re highly likely to be forced to sell off their crypto holdings. This could trigger panic and very likely lead to a death spiral. If there’s a stampede, it’s not impossible to see Ethereum drop below $1,000. As the saying goes, live by the storm, die by the storm. Our correct strategy is still what we mentioned last time: build positions in batches. This ensures we don’t miss the reversal trend, while also guaranteeing we can grab cheap tokens in extreme conditions. Whether we can achieve financial freedom depends on this round, brothers. Let’s go!